Greek company Theon reports record Q1 2025 results as global demand for night vision and thermal imaging systems accelerates.

On April 28, 2025, the Greek company Theon International Plc released its Q1 2025 Trading Update, showing strong financial and operational momentum. The Greek-headquartered defense technology group reported a significant year-on-year increase in key financial metrics, driven by expanding global demand for its night vision and thermal imaging systems. According to the company, revenue in the first quarter of 2025 reached €90.8 million, marking a 19.8% increase compared to the €75.8 million recorded in Q1 2024. This growth was accompanied by a 202.3% surge in new orders, totaling €117.9 million, resulting in a book-to-bill ratio of 1.3x, or over 2x when including approximately €100 million in new options with a high probability of conversion to backlog.

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The Greek-headquartered defense technology group reported a significant year-on-year increase in key financial metrics, driven by expanding global demand for its night vision and thermal imaging systems. (Picture source: Theon)

Theon’s adjusted EBIT rose from €17.2 million in Q1 2024 to €23.0 million in Q1 2025, reflecting a 34.2% year-on-year increase. The adjusted EBIT margin stood at 25.3%, up 2.7 percentage points compared to the same period last year. Earnings per share reached €0.25, up 38.9% from €0.18 in Q1 2024. Capital expenditures rose to €3.3 million, an increase of 33.7%, aligning with the company’s strategy to support its ongoing capacity expansion and product innovation. As of March 2025, Theon reported a soft backlog of €668.6 million, a 2.2% increase from December 2024, offering significant revenue visibility for the remainder of the year. Including €289.0 million in contractual options, Theon signals further growth potential. Net cash improved to €61.2 million, marking a 46.8% increase from €41.7 million at the end of December 2024, while net working capital slightly decreased by 3.3% to €160.0 million.

Operationally, Theon secured several new international contracts, including for the German Future Soldier Program (IdZ), where it is supplying its newly introduced Heads-Up Display system, part of its A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) suite. The company continues to participate in major international tender processes, reflecting sustained global demand for its night vision technologies. In March 2025, Theon’s majority shareholder placed approximately 3.2 million shares, or 4.5% of the total share capital, broadening the investor base and enhancing stock liquidity. The company was again included in the Financial Times list of Europe’s 1,000 fastest-growing companies and has initiated steps to join the United Nations Global Compact, aligning its operations with global ethical and sustainability standards.

This performance builds on Theon’s strong full-year 2024 results, released earlier in April 2025, in which it reported €352.4 million in revenue—a 61.1% increase from FY 2023. The year-end order intake totaled €466 million, and although slightly lower than FY 2023 by 7.9%, the soft backlog climbed to €654 million, indicating continued demand momentum. Adjusted EBIT for FY 2024 was €88.4 million, up 56.5% year-on-year, with an EBIT margin of 25.1%. Capital expenditures increased by 40.1% to €10.7 million, while net cash rose 202.2% to €41.7 million. Theon proposed a dividend of €0.34 per share, corresponding to a 35% payout ratio, subject to shareholder approval.

According to the company, revenue in the first quarter of 2025 reached €90.8 million, marking a 19.8% increase compared to the €75.8 million recorded in Q1 2024. (Picture source: Theon)

Theon’s operational footprint expanded notably in 2024. In February of that year, the company completed its listing on Euronext Amsterdam, generating €94 million in net proceeds. These funds supported both organic initiatives and acquisitions, including the purchase of Harder Digital to internalize a critical component supply and a strategic commercial agreement with Exosens to improve supply chain resilience. Theon also introduced the Iris thermal clip-on system in 2024, compatible with both Theon and third-party monocular and binocular night vision systems. Orders for Iris have come from three NATO and two Middle Eastern countries, indicating broad international uptake. The system overlays thermal imagery on traditional night vision, and its advanced version integrates Augmented Reality functions with Battle Management Systems like ATAK, expanding its battlefield utility.

In parallel, Theon launched the Orion fused binocular system and positioned the Iris as a cost-effective alternative for clients seeking thermal fusion capabilities without adopting a completely new system. These product developments build upon the company's long-term success with the Nyx night vision binocular, which remains in service with European forces and U.S. clients, including the U.S. Marine Corps, where it is fielded under the designation AN/PVS-31A. Local production agreements, such as with Safran-Vectronix for the Swiss Army and Harris (now part of Elbit Systems of America) for U.S. operations, have further embedded Theon products in key allied markets.

Further diversification of Theon’s product range occurred in June 2024 with the introduction of its ISR Electro-Optical Solutions segment. The TALOS and TRITON product families were launched to address land and maritime surveillance needs. TALOS systems, spanning short to long range, offer gyro-stabilized imaging and advanced processing capabilities tailored for border security, military operations, and civil protection roles. The TRITON line, designed for maritime environments, is deployable on various naval platforms, from patrol boats to frigates, and supports tasks ranging from marine navigation to law enforcement and exclusive economic zone monitoring.

Founded in 1997, Theon Sensors has evolved from a Greek startup to an international defense technology group. With over 200,000 systems in service across 71 countries, including 26 NATO members, and offices or production sites in Europe, North America, Asia, and the Middle East, the group maintains a wide-reaching global footprint. Theon Sensors operates facilities in Athens, Wetzlar, and Plymouth and maintains a staff of more than 300 people worldwide. The parent company, Theon International Plc, has been publicly traded on Euronext Amsterdam since February 2024.